KCBL wins big at first TIOB Awards
What you need to know:
- The event brought together the Bank of Tanzania, bankers from the industry, trainers and the sector’s professional partners who showcased the growth and achievements of Tanzanian banks over the years
Dar es Salaam. The Kilimanjaro Cooperative Bank Limited (KCBL) emerged as the inaugural winner of the Tanzania’s Best Bankers award, thanks to its first-mover advantage into the adoption of the warehousing receipt system in the country.
The lender was named as such during the first bankers’ gala event for Tanzania Institute of Bankers (TIOB).
The event recognises the achievements in the banking industry.
“Across the years, we have had ups and downs in the sector, but we have weathered the times. KCBL’s story in the last few years is a remarkable example of the resilience and professional approach in problem solving in banking,” the TIOB executive director, Mr Patrick Mususa, said in a statement yesterday.
The event brought together the Bank of Tanzania, bankers from the industry, trainers and the sector’s professional partners who showcased the growth and the achievement of Tanzanian banks across the years.
“Our theme was celebrating 30 years of professional excellence. What better way to do this than unveiling the bankers’ awards that recognise what the banking sector has achieved so far,” said Mr Mususa.
“We will also have the prestigious ‘Tanzania’s Best Bankers’ Awards for the first time.”
KCBL has faced liquidity issues and in 2020, CRDB bank injected a total of Sh7 billion. The cooperative bank has since transformed from a loss-making entity to a profitable bank.
In 2021, KCBL made a pre-tax profit of Sh318 million and extended loans amounting to Sh4.7 billion while deposits rose to Sh5.5 billion.
“This success story is an indication that our banks can succeed. In fact, Tanzanian banks are in a very good state and are responding well to the shocks from the global financial markets,” Mr Mususa said.
The second prize winner overall was ABSA bank followed by Azania bank and the fourth place went to Equity bank.
Other categories of awards were the most conscientious bank award went to NMB bank and Azania bank, while KCBL bank also scooped the final round award for the Most Aggressive Bank.
The most cautious bank award was won by Stanbic bank (round one), while Equity bank won the same award in the final round. ABSA bank Tanzania swept the best bank presentation and came in the round one of the most aggressive banks that was won by KCBL.
“Competition among banks is healthy. We need a vibrant financial services sector that will offer a wide range of products that will match what the economy and consumers need,” Mr Mususa noted.
